https://www.taxtmi.com/caselaws?id=30562 The court ruled in favor of the petitioners, quashing and setting aside the impugned order under Section 269 UD(1) of the Income Tax Act for the purchase of a flat. The court found the order to be in breach of the law's requirement for determining fair market value and complying with the 15% criteria. It emphasized the importance of establishing significant undervaluation before passing such purchase orders, ultimately deeming the order unsustainable and ruling in favor of the petitioners. en-us Mon, 24 Sep 2007 00:00:00 +0530 Wed, 03 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30562 The court ruled in favor of the petitioners, quashing and setting aside the impugned order under Section 269 UD(1) of the Income Tax Act for the purchase of a flat. The court found the order to be in breach of the law's requirement for determining fair market value and complying with the 15% criteria. It emphasized the importance of establishing significant undervaluation before passing such purchase orders, ultimately deeming the order unsustainable and ruling in favor of the petitioners. Case-Laws Income Tax Mon, 24 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30562